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08 September 2012

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Edward Harkins

Brian states:
"there is little evidence to support the contention that the SNP government decision to bring forward spending on infrastructure construction had any impact on the scale and duration of Scotland's recession."

We could arguably add that there is no evidence anywhere from modern economic history that increased capital investment is an efffective (and it's certainly not an efficent) way out of recession. The current near-mantra being chanted in mnay quarters across the UK and elsewhere is little more than the self-interest of specific interest and sector lobby groups - many of the players in which are the same ones that are seeking a successor to PFI that has helped them pillage the public purse.

The UK, including Scotland, does need significantly higher rates of (long-term focused) investment in capital infrastructure for many good and sound rreasons. But quick expenditure on 'shovel ready' infrastructure projects is no sensible or sustainable route of current recession.

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